Stocks Fall on Report Trump Rejects Iran Proposal: Markets Wrap
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(Bloomberg) — A renewed rally in oil drove stocks and bonds lower on concern that a prolonged closure of the Strait of Hormuz will fuel inflation and weaken the global economy.
Banks Get Picky on Asset-Based Loans as Tricolor, MFS Hit Market
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(Bloomberg) — European banks are being more selective on asset-backed lending, as collapses including Tricolor Holdings and Market Financial Solutions Ltd. have made firms more cautious of the sector.
UBS Sees Recovery Signs in US Wealth Business as Inflows Return
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(Bloomberg) — UBS Group AG’s wealth-management business in the Americas showed tentative signs of revival after a period of client fund outflows and departures by key staff.
Swiss Majority Wants to Cap Population at 10 Million, Poll Shows
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(Bloomberg) — A proposal to cap Switzerland’s population at 10 million drew support of 52% of respondents in the first such poll showing a majority for the idea.
UBS Traders Drive Profit Jump as Bank Signals Bigger Buyback
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(Bloomberg) — UBS Group AG traders helped drive profit in the first quarter, keeping the Swiss wealth manager on track to increase payouts to investors this year.
Stocks Fall as Report on OpenAI Fuels Tech Jitters: Markets Wrap
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(Bloomberg) — A selloff in technology giants dragged down stocks as concerns resurfaced over whether vast investments in artificial intelligence will pay off just as traders gear up for a slew of megacap results.
Stocks Hold Record in Countdown to Tech Earnings: Markets Wrap
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(Bloomberg) — Stocks held at record highs before a raft of megacap earnings that will test whether April’s rally is sustainable, with traders also awaiting updates from major central banks on the economic fallout of the Iran war.
Swatch Group Investor Battle Heats Up After ISS Backs Activist
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(Bloomberg) — The Swatch Group AG is facing renewed investor pressure after a key proxy adviser Institutional Shareholder Services recommended shareholders support a board candidate backed by a US activist.
Apollo Backs Dental Firm vVardis at $1 Billion-Plus Value
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(Bloomberg) — Apollo Global Management Inc. has invested in vVardis Holding AG, a Swiss dental firm founded by sisters Haley and Goly Abivardi.
Stocks Hit Record Highs on US-Iran Talk Optimism: Markets Wrap
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(Bloomberg) — Hopes that the US and Iran will be back to the negotiating table lifted stocks to all-time highs, with the market also rising after a blowout forecast from Intel Corp. and the closing of a probe into Federal Reserve Chair Jerome Powell.
SNB Chief Economist Lenz to Retire, With Brown Set to Take Over
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(Bloomberg) — Swiss National Bank Chief Economist Carlos Lenz is set to retire at the end of the year and will be succeeded by Martin Brown, the current director of the central bank’s academic research institution.
Finma Says Immediate Mythos Access Would Pose Systemic Bank Risk
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(Bloomberg) — Switzerland’s top financial regulator said giving banks quick and easy access to Anthropic PBC’s artificial intelligence tool Mythos would create a severe risk for the country’s financial system.
Billionaire Niel Faces GAM Minority Shareholder Revolt on Board
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(Bloomberg) — GAM Holding AG, the Swiss asset manager backed by Xavier Niel, is facing a challenge from minority shareholders who claim the billionaire is misusing his position to override their rights and reshape the company at will.
Schlegel Says Vigilant SNB Unrestricted on Rates, Interventions
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(Bloomberg) — The Swiss National Bank is closely monitoring fallout from the Iran war and can steer the franc’s exchange rate without limits if necessary, according to President Martin Schlegel.
SNB Move Below Zero Bigger Step Than Normal Cut, Schlegel Tells NZZ
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(Bloomberg) — Swiss National Bank President Martin Schlegel said cutting borrowing costs below zero is a more significant move than a reduction above that level, according to an interview in Neue Zuercher Zeitung.
Stocks Decline as Iran Jitters Spur Rally in Oil: Markets Wrap
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(Bloomberg) — A fresh bout of volatility rattled markets, with stocks falling as oil rose on concern about an escalation of the conflict in the Middle East that could prolong the Strait of Hormuz closure, worsening energy disruptions.
SNB Readiness to Intervene on FX Is Elevated, Martin Tells RTS
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(Bloomberg) — The Swiss National Bank maintains an increased readiness to step into currency markets, Vice President Antoine Martin told public broadcaster RTS.
UBS Standoff With Switzerland Escalates as Reforms Shape Up
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(Bloomberg) — Swiss banking is a discreet, tight-knit world. UBS Group AG’s increasingly fiery clash with its own government is a very different affair.
UBS AT1 Investors Get a Win After Swiss Put Reforms on Ice
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(Bloomberg) — As UBS Group AG blasted the Swiss government’s plans on tougher banking rules, holders of its riskiest bonds celebrated thanks to one sentence in the announcement.
Ex-Credit Suisse Team Plans $1 Billion Fund for Data Center Risk
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(Bloomberg) — A team of former Credit Suisse bankers is preparing to launch a fund they say will offer double-digit returns in exchange for taking on some of the insurance risk tied to data centers.
